Day: April 28, 2023

Tax law researchers propose IRS framework for deducting crypto losses

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Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue Service (IRS) that, if adopted, would prevent taxpayers from weighing crypto losses against other capital gains. The paper, dubbed simply “Crypto Losses,” seeks to define the various forms of loss that can be accrued by businesses and individuals invested in cryptocurrency and proposes a “new tax framework.” Current IRS guidelines concerning cryptocurrency are somewhat nebulous. For…

‘The Metaverse Is Not New’

“The reality is the metaverse is not new,” he said. “World of Warcraft, for all intents and purposes, is a metaverse,” he added. “But what Web3 is enabling is not only new interaction and ways for players to find communities that go beyond necessarily the game itself.” Source

How would a US debt default impact Bitcoin?

Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cryptox Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. The risks of a United States debt default are the first topic of this week’s show, which comes from none other than Treasury Secretary Janet Yellen. Yellen warned of potential mass unemployment, payment failures and broad economic weakness if the U.S. failed to pay its debts. This issue emerges every couple…

How will a US debt default impact Bitcoin?

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Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. The risks of a United States debt default are the first topic of this week’s show, which comes from none other than Treasury Secretary Janet Yellen. Yellen warned of potential mass unemployment, payment failures and broad economic weakness if the U.S. failed to pay its debts. This issue emerges every couple…

US Government in Talks to Rescue Struggling First Republic Bank, Sources Say – Bitcoin News

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Sources have revealed that U.S. government officials are in talks to rescue First Republic Bank, a struggling financial institution. The discussions involve the U.S. Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, according to reports on Friday. Private-Sector Deal Preferred as U.S. Government Officials Discuss First Republic Bank Rescue Efforts Market observers have been keeping a close eye on First Republic Bank since the collapse of three major banks in March. The bank disclosed earlier this month that it experienced $100 billion in withdrawals by customers in…

Global Crypto Regulation Needs Coordination, not Duplication, Legal Experts Say

Regulators worldwide have been working for several years to determine how best to coordinate international crypto regulation. Earlier this month, the European Parliament approved the European Union’s crypto-assets framework, the Markets in Crypto-Assets Regulation (MiCA), which some observers have said could form a template for other jurisdictions. Even so, each country or region has issues that are area specific, the panelists said. Source

What is Auto-GPT, and why does it matter?

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Auto-GPT is a powerful tool for task automation that combines natural language processing and deep learning to generate human-like text responses. What are the key differences between Auto-GPT and ChatGPT? Auto-GPT is a tool that automates task-oriented conversations and provides more structured and specific responses, making it more suitable for accomplishing complex objectives without requiring human intervention. On the contrary, ChatGPT is a chatbot that generates human-like responses to various prompts. ChatGPT and Auto-GPT are both AI tools that can be used to accomplish tasks like answering questions, providing information,…

A new step in asset tokenization

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As digitalization takes over the financial industry, tokenization is becoming an integral part of tomorrow’s capital market. While making use of blockchain technology, tokenization securitizes assets in a digital way and creates a flurry of opportunities for assets, markets and potential investors. The continuously growing tokenization market is expected to reach $16 trillion by 2030 in the illiquid segment alone, according to the Boston Consulting Group. In addition, the World Economic Forum predicted that up to 10% of global GDP will be managed on-chain by 2025. A similar figure was…

Mauritius planning to launch pilot project for retail digital rupee late this year

Mauritius plans to launch the pilot phase of a digital rupee in November, Bank of Mauritius governor Harvesh Kumar Seegolam announced. Many of the parameters of the perspective central bank digital currency (CBDC) are already in place. Speaking at the International Monetary Fund/World Bank Community of Central Bank Technologists meeting held on the main island, Seegolam said he prioritized CBDC development when he took office in 2020: “As a central banker, I need not stress upon the determining role that CBDCs can play, not only in protecting monetary sovereignty but also…